As increased prices persist across categories, Gen Zs and Millennials will utilize cost-conscious behaviors when shopping online. Brands and retailers can look to attract these segments with various types of special offers and promotions that help them save money.
While consumers are returning to shopping more in-store, they will continue to rely on online shopping for items across various categories. Nearly six in ten Gen Zs and Millennials are making half or more of their purchases online. The desire to find the best prices and shop in ways that are most seamless and convenient are major benefits for ecommerce.
As technology further evolves, brands and retailers will have opportunities to integrate new and emerging forms of tech such as AI, virtual reality and the metaverse into their retail shopping experiences – bringing even more value to consumers. Social commerce is another key area of opportunity across industries. Social platforms play a key role in the shopping process for younger generations; often being used as a source of inspiration and learning.
A key aspect of the online shopping experience that companies cannot overlook is data protection and privacy. In order to keep Gen Zs and Millennials feeling confident and comfortable with shopping online, brands must ensure they are being transparent and vigilant with how they are taking care of consumers’ information.
For the purposes of this Report, Mintel has used the following definitions:
Readers of this report may also be interested in our US Gen Z Food Consumer Report, or our range of Gen Z Market Research.
Vince joined Mintel in 2019 and currently oversees Retail, eCommerce, and Financial Services North America Reports. He has an agency background focusing on brand strategy and consumer research (often using Mintel as a go-to resource). He has a passion for understanding how consumers think, feel, and behave – and sharing this knowledge with clients.
Most Gen Z and Millennials make more than half of their purchases online. Companies must continue to evolve to cater to consumers’ changing behaviors and preferences.
Vince DiGirolamo
Director, North America Reports
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